2016-02-23

Circular dated December 21, 2015 regarding import operations

In an effort to boost the national economy and promote local products, the Central Bank of Egypt has issued a decision to restrict the execution of import transactions based on collection documents to those received directly by banks through foreign banks, excluding those received directly by clients. Additionally, banks are required to obtain a 100% cash collateral for documentary credits opened to finance the import of goods for commercial companies or government entities, with exceptions for certain imports such as medicines, vaccines, and baby milk. These measures are effective for import transactions from January 1, 2016 onwards.

Egypt

Central Bank of Egypt

Show thumbnail